As Tax preparers, your clients may expect you to be their go-to-person for everything ACA (Affordable Care Act) related. You are the only live person they can physically sit with face to face and ask questions to, otherwise everything is done online. Especially now that the Marketplace sent incorrect tax statements to 800,000 tax payers, they are going to be leery and you could be flooded with questions. For this reason, UltimateTax is here to be a source of ACA information for customers of our professional tax software.
You may have clients that took the shared responsibility payment of $95 per person or 1% of their income for 2014, this could’ve been because they thought it was cheaper than getting health insurance coverage or were just confused. If you have clients that decided they would like coverage for 2015, but missed the deadline, they may now have a second chance to enroll versus waiting until next year’s enrollment period. On February 20th The U.S. Department of Health and Human Services announced that they are opening a special enrollment period in states with a federal Marketplace. This special enrollment period will run March 15 through April 30, 2015. Since the penalty amount will only increase each year, it would be thoughtful to let your clients know this information if it could help them in the future.
Our UltimateTax professional tax software guides you step by step making your an ACA expert. However, if you have specific questions about ACA please reach out to us and we will be glad to assist you.